The Internet proved to be the dominant feature on the Irish market yesterday, with Independent and Fyffes soaring once again as investors took a speculative chance on the two companies' respective Internet operations.
Fyffes was also boosted by the release of 17.9 million shares sold by DCC at €3.20 each. These were snapped up by half a dozen London-based institutions, but this did nothing to assuage the new-found demand for Fyffes stock, which jumped 30 cents to a new high of €3.50, bringing Fyffes through the €1 billion market value barrier. DCC itself surged 95 cents to a new high of €9 as the market digested the sale of the Fyffes shares, which will boost DCC's balance sheet by €57 million.
Independent, which will lodge a bid for the Belfast Telegraph next week, went as high as €9.42 at one point and closed up 45 cents on €9.20 after launching its own Unison Internet portal site.
Effectively, technology or technology-related shares were the only ones to get any attention. Horizon soared €1.10 to yet another high of €7.80, while telecoms junior ITG was 90 cents higher on €13.20.
The banks' recovery predictably ran out of steam, AIB falling 17 cents to €9 after a volatile session which saw the shares move as high as €9.40 and as low as €8.85. Bank of Ireland closed unchanged on €6.75, while First Active finally showed some signs of life under the new management regime and jumped 14 cents to €2.14.
